I guess all the cute little “hey, Tim, that’s all the weakness the market is going to give you” Friday from my readers was wrong. I’ve had a great week, with triple-digit % gains in some options.
Yay! Nice to see bulls losing money. It warms my heart. It’s kind of shocking how little support I get from most people here, but I suppose almost every human is bullish by nature, so I shouldn’t be surprised. Almost no one on the planet is a true bear. Just me and Baby Bear.
Believe it or not, I actually do have one LONG idea to share; I’ve bought calls on this—Materials Select Sector SPDR® Fund (NYSE:)—for a bounce:
XLB Chart
Broadly speaking, the market is starting to fail. I have exited my short-term bearish positions and am going to hold back for a bounce. Here is the kind of action happening—on iShares MSCI EAFE ETF (NYSE:)—which convinces me that the cracks are starting to show in this doomed Titanic upon which we’re all sailing.
EFA Chart
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